Fairfax Says Gina Rinehart Must Bid If She Wants Control

Fairfax Media said in a statement Friday its largest shareholder and Australia’s richest person, mining magnate Gina Rinehart, must make a bid for the company if she wants control.

Fairfax’s statement followed an open letter Friday by Mrs. Rinehart, who owns 18.7% of Fairfax, that said Chairman Roger Corbett should resign if he doesn’t meet certain milestones by the company’s annual general meeting in November.

“If Mrs. Rinehart wants control of Fairfax Media she must make a bid,” Fairfax, Australia’s second-largest newspaper publisher, said in a statement.